Gold futures drop Rs 416 amid weak global cues

Monday, Feb 15, 2016,11:59 IST By metrovaartha A A A

New Delhi | Amid a weakening global trend, gold futures traded lower by Rs 416 at Rs 29,224 per 10 gm Monday as speculators trimmed their positions. Besides, profit-booking by speculators at existing levels weighed on the precious metal prices. Gold for delivery in far-month June dropped Rs 416 or 1.40 per cent to Rs 29,224 per 10 gm in a business turnover of 79 lots at the Multi Commodity Exchange. In a similar fashion, the metal for delivery in April was trading down Rs 403, or 1.37 per cent to Rs 28,983 per 10 gm in 1,398 lots.

Market analysts said the fall in gold futures was mostly in tune with a weak trend overseas where rally in the precious metal faltered as rising share markets and a firmer yuan eroded demand for the safe-haven as an alternative investment.

Meanwhile, gold prices fell 1.3 per cent to USD 1,221.91 an ounce in Singapore today.